It looks like a repeat of 2008. You can't single out this stock or company for blame when gold is crashing and burning through its 200 day moving average and silver is trading just above half it's 52 week high. Oil fell some $4.00 a barrel today. The U.S. stock market is just beginning its descent. Shanghai (Chinese stock market) is already at 52 week lows. Europe is melting down before our eyes.
This is another deflationary scare similar to 2008. It will continue until the Fed and central banks decide enough is enough and start printing (Quantitative Easing) again. U.S. economic stats, which have looked so promising lately, are a mirage. They will disappear along with Europe and China's stock markets. The stronger dollar is going to eat into corporate profits.
While Dennis Gartman is quick to say the gold bull market is over, just wait to see what he says once Bernanke brings back the helicopters again. The mood right now is that the bull market in precious metals is now done and we've seen the highs for years if not decades to come. Sell all your precious metals stocks and physical if you really believe that. Personally, I'm not buying it one bit. I'm cushioning the blow of losing money on precious metals investments with some shorts on the stock market. Lose one here, win one there.
